At 5.8% CAGR, the North America Medium Voltage Cable and Accessories Market is Projected to be Worth US$ 11,449.62 million by 2030, Says Business Market Insights

According to Business Market Insights' research, the North America medium voltage cable and accessories market was valued at US$ 7,277.72 million in 2022 and is expected to reach US$ 11,449.62 million by 2030, registering a CAGR of 5.8% from 2022 to 2030. Advancements in cable technology and rising demand for renewable energy are among the critical factors attributed to the North America medium voltage cable and accessories market expansion.

With underground cable systems' growing popularity and applicability worldwide, various technological advancements have been made to overcome the various limitations of medium voltage cables. Most of these innovations are made in advancements of material for insulation and voltage grade. The rise in the area of material science development has led to the production of better-quality polymers that are capable of achieving the required mechanical and electrical properties of the cable. For instance, the introduction of Teflon cables, which are capable to withstand up to 250°C, has become an alternative solution to conventional polymer cables that can usually withstand temperatures up to 70°C. Furthermore, alternative conductors have already been discovered that can replace high-cost copper. In addition, various companies are introducing cables that can reduce greenhouse gas emissions. For instance, in May 2023, Nexans launched a new range of low-carbon distribution grid cables. These new low and medium-voltage cables can help to reduce greenhouse gas emissions by ~35–50%. With this, the company will further help to reduce the emissions from the aluminum conductor, which accounts for 70–90% of the total carbon footprint, followed by plastics. Moreover, similar advancements have also been witnessed in the overhead cables. Such developments are likely to increase the deployment of new cable technologies in various end-use industries, which is expected to fuel the North America medium voltage cable and accessories market growth in the coming years.

On the contrary, widespread counterfeit cable market hampers the growth North America medium voltage cable and accessories market.

Based on installation, the North America medium voltage cable and accessories market is classified into overhead, underground, and submarine. The underground segment held 49.1% share of the North America medium voltage cable and accessories market in 2022, amassing US$ 3,575.88 million. It is projected to garner US$ 5,931.22 million by 2030 to expand at 6.5% CAGR during 2022–2030.

Based product, the North America medium voltage cable and accessories market is categorized into MI, terminations, joints, and XLPE Cables. The terminations segment held 43.8% share of the North America medium voltage cable and accessories market in 2022, amassing US$ 3,185.18 million. It is projected to garner US$ 5,014.55 million by 2030 to expand at 5.8% CAGR during 2022–2030.

By voltage, the North America medium voltage cable and accessories market is segmented into 1 to 5, 6 to 13, 23, 34, 45, and 69. The 6 to 13 segment held 33.3% share of the North America medium voltage cable and accessories market in 2022, amassing US$ 2,420.32 million. It is projected to garner US$ 3,648.20 million by 2030 to expand at 5.3% CAGR during 2022–2030.

Based on end user, the North America medium voltage cable and accessories market is segmented into industrial, infrastructure, and renewables. The industrial segment held 47.4% share of the North America medium voltage cable and accessories market in 2022, amassing US$ 3,447.93 million. It is projected to garner US$ 5,636.49 million by 2030 to expand at 6.3% CAGR during 2022–2030.

Based on country, the North America medium voltage cable and accessories market is categorized into the US, Canada, and Mexico. The US held 81.3% share of North America medium voltage cable and accessories market in 2022, amassing US$ 5,919.85 million. It is projected to garner US$ 9,606.23 million by 2030 to expand at 6.2% CAGR during 2022–2030.

Key players operating in the North America medium voltage cable and accessories market are ABB Ltd, El Sewedy Electric Co, Hellenic Cables SA, Nexans SA, NKT AS, Prysmian SpA, The Okonite Co, and TPC Wire & Cable Corp, among others.

• In August 2023; Elsewedy Electric KSA provides low-voltage and medium-voltage cables for the 28km tunnels being built as part of 'The Line,' which will be the world’s first zero-gravity vertical city.

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